Dog-themed meme coin First Neiro On Ethereum (NEIRO) became the market's best-performing cryptocurrency Monday, defying the slump in its sister coin Dogecoin DOGE/USD.
What happened: NEIRO, named after the newly adopted Shiba Inu pup of the owner of Kabosu, the inspiration behind DOGE and subsequent canine-themed cryptocurrencies, pumped over 19% to become the market's biggest gainer in the last 24 hours.
The coin's trading volume soared 90% to $1.206 billion, making it the second-most traded meme currency in the last 24 hours, above the likes of DOGE and Shiba Inu SHIB/USD.
NEIRO spiked to an all-time high of $0.001853, prompting a whale investor to purchase over 841 million of the coin, worth $1.45 million, in the last 24 hours, according to on-chain data. With a portfolio worth $6.51 million, the trader sat on a windfall of $2.67 million.
The rally shrugged off the 4% decline in DOGE, the largest meme coin by market capitalization. NEIRO was up a staggering 37174% since launch.
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Why It Matters: The official X account of NEIRO released a cinematic trailer recently, marketing NEIRO as the next big thing in the dog-themed memecoin arena.
In fact, last month, popular DOGE investor SlumDOGE Millionaire offered a bullish forecast for the coin, predicting that NEIRO will become a cult like the original meme coin.
Price Action: At the time of writing, NEIRO was exchanging hands at $0.001722, up 19.3% in the last 24 hours, according to data from Benzinga Pro.
Image via Shutterstock
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